Bank of America and Chevron have replaced Altria Group and Honeywell International in the Dow Jones Industrial Average.

Altria, known as Philip Morris until 2003, had been in the industrial average since October 1985. Last year it spun off Kraft Foods and announced a spin-off of Philip Morris International in March. This which will leave it as a purely domestic tobacco company.

Honeywell is being dropped because it is the smallest of the industrials in terms of revenue and earnings. Chevron - formerly Standard Oil - has been in the 111-year old stock index twice before, between 1924-1925 and 1930-1999.

The changes are the first in the index since April 2004 when three stocks out of 30 were replaced.